January 10, 2006
Canada eyes cod aquaculture, gives cod research funds boost
The Canadian federal government is investing nearly C$6.5-million to help spawn a commercial revival of cod stocks through cod farming. The money will be used in research aimed at breeding hundreds of pairs of wild cod that can fatten quickly and withstand being raised in captivity.
If the plan succeeds, the fledgling Canadian cod industry may very well rival, if not overtake, its farmed Atlantic salmon. More than C$22.5-million worth of Atlantic salmon was raised in the region in 2003, according to Statistics Canada.
Cooke Aquaculture, a salmon farming company based in Canada's New Brunswick and a private industry partner in this project, said its first harvest of farmed cod is expected to be ready for market by February. Predicting a significant demand for the fish, it expects annual revenues of C$8 million for its first two cod farms by 2010.